| Group | Company | ||||||
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||||
| Current | |||||||
| Trade receivables | 11.3 | 14.5 | 11.3 | 14.5 | |||
| Less provision for impairment of receivables | (0.5) | (3.2) | (0.5) | (3.2) | |||
| Trade receivables – net | 10.8 | 11.3 | 10.8 | 11.3 | |||
| Receivables from long-term contracts | 1.7 | 1.0 | 1.7 | 1.0 | |||
| Prepayments and accrued income | 3.0 | 1.8 | 3.0 | 1.8 | |||
| Receivables from subsidiaries | – | – | 0.1 | – | |||
| Other debtors | 0.6 | 1.0 | 0.6 | 1.0 | |||
| Current trade and other receivables | 16.1 | 15.1 | 16.2 | 15.1 | |||
| Total trade and other receivables | 16.1 | 15.1 | 16.2 | 15.1 | |||
The fair value of trade and other receivables are not materially different to the book value above. The majority (approximately 70%) of the Group’s trade receivables relate to public sector organisations and hold a low credit risk. The remainder of the Group’s trade receivables relate to numerous private sector customers and no customers account for more than 5% of the total gross trade receivables balance. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. Therefore, no further credit risk provisions, over and above the provisions shown above, are deemed necessary. The Group does not hold any collateral as security. There are no non–current trade and other receivables.
The carrying amounts of trade and other receivables are denominated in the following currencies:
| Group | Company | ||||||
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||||
| Sterling | 15.3 | 14.1 | 15.4 | 14.1 | |||
| Euro | 0.7 | 1.0 | 0.7 | 1.0 | |||
| US Dollar | 0.1 | – | 0.1 | – | |||
| 16.1 | 15.1 | 16.2 | 15.1 | ||||
Movements on the provision for impairment of trade receivables are as follows:
| Group | Company | ||||||
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||||
| At 1 April | 3.2 | 2.7 | 3.2 | 2.6 | |||
| Businesses disposed | – | (0.3) | – | (0.2) | |||
| Provision for receivables impairment | 0.4 | 1.4 | 0.4 | 1.4 | |||
| Receivables written off during the year as uncollectable | (2.7) | – | (2.7) | – | |||
| Unused amounts reversed | (0.4) | (0.6) | (0.4) | (0.6) | |||
| At 31 March | 0.5 | 3.2 | 0.5 | 3.2 | |||
The creation and release of provisions for impaired receivables have been included in administrative expenses.
£2.7 million of receivables were written off during the year, as there was no expectation of recovering additional cash. These were held by discontinued businesses.
The impairment provision is for individually impaired receivables of £0.5 million (2007: £3.2 million) included within trade receivables. The provision is predominantly in respect of an overseas debt relating to a discontinued business where recovery is still being pursued but is doubtful.
The ageing of these receivables is as follows:
| Group | Company | ||||||
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||||
| Up to 3 months | – | 0.1 | – | 0.1 | |||
| 3 to 6 months | 0.1 | 0.2 | 0.1 | 0.2 | |||
| 6 to 12 months | – | – | – | – | |||
| Over 1 year | 0.4 | 2.9 | 0.4 | 2.9 | |||
| 0.5 | 3.2 | 0.5 | 3.2 | ||||
As of 31 March 2008 trade receivables of £2.0 million (2007: £1.3 million) were past due but not impaired. These relate to numerous customers, none of whom have a history of default with the Group. The ageing of these receivables is as follows:
| Group | Company | ||||||
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||||
| Up to 3 months | 1.9 | 1.3 | 1.9 | 1.3 | |||
| 3 to 6 months | – | – | – | – | |||
| Over 6 months | 0.1 | – | 0.1 | – | |||
| 2.0 | 1.3 | 2.0 | 1.3 | ||||
The other classes of financial assets within trade and other receivables do not contain impaired assets.